Alpha Healthcare Acquisition Corp. III (ALPA) Shareholders Approve Carmell Deal
by Marlena Haddad on 2023-07-12 at 4:44pm

Alpha Healthcare Acquisition Corp. III (NASDAQ:ALPA) announced this afternoon that its shareholders approved its combination with drug developer Carmell at a special meeting held on July 11.

At yesterday’s meeting, a total of at least 15,511,079 shares, or 78.46%, of ALPA’s issued and outstanding common stock were present either in person or by proxy, which constituted a quorum.

Redemption figures and a closing timeline have not been disclosed by the parties, but the deal received support from investors holding a total of 12,006,101 shares that voted in favor of it.

Earlier this week, Alpha Healthcare III signed a forward purchase agreement (FPA) and a non-redemption agreement to support its combination with Carmell. As part of the agreement, Meteora Special Opportunity Fund I will purchase an amount of shares equal to 9.5% of ordinary Alpha Healthcare III stock at close. It will be prepaid for these purchases at its redemption price out of funds from the SPAC’s trust.

Additionally, Meteora agreed to not redeem 100,000 other shares that it currently holds.

Alpha Healthcare III initially inked the $188 million merger with Carmell in January. Pittsburgh-based Carmell is developing a treatment platform to accelerate healing in bone fractures and soft tissue wounds.

The combined company is expected to trade on the Nasdaq under the symbol “CTCX” once the deal is completed.

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